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Enphase Energy Adds Werner Electric as Its Solar Distributor

Enphase Energy, Inc . ENPH recently announced a deal involving the inclusion of Werner Electric to its solar distribution network. Werner Electric offers premier electrical products and services in the states of Minnesota, Wisconsin, Iowa, North Dakota and South Dakota. Per the latest deal, Werner Electric will now distribute the entire range of Enphase products, including the existing portfolio of its IQ products.

A Brief Note on Enphase's Microinverter System

The Enphase IQ Microinverter System helps in simplifying solar installations and provides a complete alternating current (AC) solution that uses no high-voltage direct current (DC), providing a safe solar solution for homeowners. Its burst technology enables microinverters to produce more solar energy at low-light conditions. Moreover, its Home Energy Solution with IQ allows energy monitoring and insights from the Enphase Enlighten software platform's easy-to-use interface.

Our View

Enphase Energy already enjoys a strong distribution network in the U.S. Solar market. The company has been successfully employing a robust distribution networking system across the United States, Canada and Netherlands. A few of its partners that are handling the distribution of solar power in these nations are AEE Solar, Cooper Electric Supply Company, Crescent Electric Supply Company, Civic Solar, Wesco, Sentinel Solar and Rexel.

Inevitably, adding a tier-one regional solar supplier like Werner Electric as one of its distribution partners in the country will help the company achieve its target of expanding distribution operations and becoming a more service-oriented supplier.

The U.S. Solar Market has added 2.5 gigawatt (GW) of photovoltaic in the first quarter of 2018, which has grown13% year-over-year. As per a report by SEIA, the solar market is estimated to grow more robustly in 2019 and then accelerating further in the early 2020s. Also, data from GTM Research shows that 18 U.S. states will install 1 GW or more of photovoltaic between 2018 and 2022.

No doubt, such growth projections offer attractive opportunities for solar modules and equipment providers like Enphase Energy to expand distribution network across the U.S. solar market. Such enhanced distribution network will help the company in marketing solar products more efficiently, thereby boosting its sales growth.

Price Movement

Enphase Energy's stock massively rallied about 757.4% in a year compared with the industry 's growth of 29.7%. The outperformance may have been led by the robust balance sheet maintained by the company.

Zacks Rank & Key Picks

Enphase Energy currently carries a Zacks Rank #2 (Buy). A few other top-ranked stocks in the same space are SolarEdge Technologies SEDG , Azure Power Global AZRE and Renesola SOL .

SolarEdge Technologies Holdings delivered an average positive earnings surprise of 29.11% in the last four quarters. The Zacks Consensus Estimate for 2018 earnings has risen by 9.60% to $3.31 in the last 90 days.

Azure Power Global came up with an average positive earnings surprise of 35.48% in the last four quarters. The Zacks Consensus Estimate for 2018 earnings has risen by 50% to 6 cents in the last 90 days.

Renesola delivered an average positive earnings surprise of 596.71% in the last four quarters. The Zacks Consensus Estimate for 2018 earnings has risen by 225% to 26 cents in the last 90 days.

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